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Weekly Option Trader


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Weekly Option Trader

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  #151 (permalink)
Washington DC
 
Experience: Advanced
Platform: TT
Broker: Dorman
Trading: US Treasuries
 
fminus's Avatar
 
Posts: 126 since Sep 2009
Thanks: 156 given, 290 received

Mike (Vikings1),

2 questions:

In a previous thread you were outlining the ranges for AAPL, BIDU, and other weeklies, how do you calculate this? I opened up a chart of these in the 5 min and added an ATR to see what the range is, but without having to do some serious excel spreadsheeting, not sure how you derived these ranges. Do you hand calculate it?

You mentioned in a previous thread that you switched are switching to NT7, but chart trading options or quick entry with options aren't supported. These weekly options move pretty damn fast and was wondering if you already set which option strikes you're going to play for that day and have a hot button somewhere, or do you just go find the strike you want when the time comes?

Thanks.

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  #152 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 409 received

Fminus,

Send me a private e-mail and we can talk about it.

V


fminus View Post
@SteveH,

Take this with a grain of salt because after all I am just a struggling trader, but it doesn't really matter what the exact settings of his (@Vikings1) methods or indicators are. If you really study his charts and look at what he's doing he's using his indicators in confirming or keeping him out of false moves (stacking the odds in his favor).

For myself I have taken some of his trading concepts (that have been told and retold by countless traders in forums and in seminars) and have implemented a trading strategy in sim and it's starting to come together for me. There are some parts to his system that I don't completely understand but I found that in trying to understand what Vikings1 has been doing, I'm figuring a bit about myself in the process.

No system handed to you on a silver platter with all the indicators and all the settings are going to make you a master trader if you don't know why you're doing what you're doing (from personal experience of going through countless numbers of systems). Discovery is part of the learning process and possibly one of the best ways to learn as it sticks in the mind better than having to take someone else's word that a system/method/indicator works. It is apparent that Vikings1 has mastered his system, he knows what he's doing, and willing to post some screenshots on futures.io (formerly BMT) to shed some insight on how someone makes money in this brutal game.

I would love to see a webinar on trading weekly options and got really excited when BigMike posted that he would be presenting something; only to find my excitement crushed. Please Vikings1 do share on a webinar or at least just show me.


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  #153 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 409 received


First pull up a daily chart of whatever you are interested in trading. Pull a ("7"-interval) ATR on that daily chart. Next take that ATR number and multiply it by .08 (conversative interval). Do this on a DAILY basis as your range needs to be dynamic, or it will become useless, IMO.

Example AAPL's current 7-interval on the daily chart was $ 8.3714. Therefore the range I am using for today is $ 8.3714 * .08 = $ .67

As far as Futures go you can use 8%, 5%, or 2.5% (like I use on oil) of the Daily ATR. This all depends on your style of play, conservative to very aggressive. I like to be very aggressive on Oil.

Note: Make sure you round up/down to what the tick values are of the futures you trade, like ES is .25, CL $ .01 and so on. On stocks just round to the nearest $ .01.

I only trade futures on Ninja, options are done on E-Trade. Since I only play certain weeklies I already have a very good idea what I will be playing that day, but can change depending on how much movement we get out of the stock that day. They can be very dynamic, just like my range bars.

Tip: On Fridays, weeklies love to settle on strikes.....


fminus View Post
Mike (Vikings1),

2 questions:

In a previous thread you were outlining the ranges for AAPL, BIDU, and other weeklies, how do you calculate this? I opened up a chart of these in the 5 min and added an ATR to see what the range is, but without having to do some serious excel spreadsheeting, not sure how you derived these ranges. Do you hand calculate it?

You mentioned in a previous thread that you switched are switching to NT7, but chart trading options or quick entry with options aren't supported. These weekly options move pretty damn fast and was wondering if you already set which option strikes you're going to play for that day and have a hot button somewhere, or do you just go find the strike you want when the time comes?

Thanks.


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  #154 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 409 received




Let's see if it settles right here for the day....makes sense a $ 580 strike, plus a very strong past month 78.6% fib....I know I am out....but it really hurt to give up that "full" $ .10 spread

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  #155 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 409 received

All is well in the world again.

No more future charts or comments...just stock charts and areas that should have been bought...












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  #156 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 409 received

Ranges for Monday are as follows:

AAPL $ .74, AMZN $ .43, BIDU $ .30, GOOG $ .92, NFLX $ .18, PCLN $ 1.40,
SPY $ .18, IWM $ .12, QQQ $ .10, USO $ .09, GLD $ .21.

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  #157 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 409 received

Narenthiranps,

I apologize for venting on you, you didn't deserve that.

Please send me a pic of your charts and what you are trying to do with them and I'll be happy to give you my two cents of what I do and what I am looking for.

Have a great weekend.

V


narenthiranps View Post
Hi Vikings,

I'm a new member to this forum. I'm interested in trading Weekly options and very much impressed with your setup.

Would you mind sharing the exact setup and code information?

I've lost tons of money and really frustrated.

Any help in this regard would be very much appreciated.

Regards.


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  #158 (permalink)
Chicago, IL
 
Experience: None
Platform: oil super computer
Trading: multiple
 
Posts: 193 since Jun 2011
Thanks: 605 given, 197 received


Vikings1 View Post
Hi Mike,

I appreciate the effort, but I guess your members are up to speed and SteveH has all the answers. I'll just stick with my little group...

I am going to have to pass on that invite....

Obviously, there is also no need to further post in my journal as it is all BS.............One of your members made 200 ticks today on oil on my BS set-up, but of course a blind monkey could have today!

Oh well....

Mike (Vikings1)

Sorry to hear this, was looking forward to this webinar, as I have enjoyed your journal thus far. Just know not all members here are the same. Good luck in the future and I hope you and your wife continue to be successful, I think it is so cool you are able to do this as a family.

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  #159 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 409 received

Thank you Mongoose,

I will be rolling out a different format tonight. No more comments, as I will leave that up to the experts. I will be posting a stock or future in a weekly, daily, and hourly print. The charts will speak for themselves and this will allow the experts to decide how they want to play them be it monthly, or weekly options and in whatever format they want to use with those options.

Secondly, I will be happy to post other people's stock requests if they want to see what that stock looks like using my set-up, (limit one a day).

Anyhow, take care and I wish you well.

V


mongoose View Post
Sorry to hear this, was looking forward to this webinar, as I have enjoyed your journal thus far. Just know not all members here are the same. Good luck in the future and I hope you and your wife continue to be successful, I think it is so cool you are able to do this as a family.


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  #160 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 409 received


Here is an example of the new format that shouldn't be offensive to anyone. No more comments or day's results as I have learned my lesson I'll just post these types of charts of everything I am interested in trading. I will mark up potential buy/sell areas and leave it up to you to decide how to trade them.

Secondly, if you have a stock, or future you are interested in send me a note and I will print a similar chart for it. Please limit one stock per day.

Have a great Sunday.








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December 18, 2012


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